#construction projects

Canada Mortgage and Housing Corporation (CMHC) says up to 4.8 million new homes will need to be built over the next decade to restore affordability levels last seen in 2019, based on projected demand. The national housing agency released its latest supply gaps estimate report today, which says between 430,000 and 480,000 new housing units are needed per year across the ownership and rental markets by 2035. That would represent around double the current pace of home construction in Canada, with 90,760 housing starts recorded so far this year, through May.

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The construction sector in Indonesia has been experiencing remarkable growth in recent years, and this trend is expected to continue. This growth is largely driven by the government's infrastructure development initiatives, which have led to a substantial increase in investment in the construction industry. In 2021, the Indonesian construction industry recorded an impressive annual growth rate of 4.83%, according to data from the Indonesian Statistics Agency (BPS).

The government's commitment to infrastructure development is evident from the significant increase in infrastructure investment. In 2018, the investment in infrastructure rose to IDR 157.8 trillion (approximately US$11.3 billion), up from IDR 216.8 trillion in the previous year. This substantial investment contributed significantly to the country's economic growth, accounting for 1.28% of the overall economic growth in 2018, with an added value of IDR 184.4 trillion. This marked an increase from the 1.06% contribution in 2017, with an added value of IDR 146.9 trillion.

These investments have been directed towards various infrastructure projects, including the construction of dams, new public roads, bridges, and toll roads. These developments have not only improved the country's infrastructure but have also enhanced its competitiveness on the global stage.

Indonesia's rankings in global competitiveness indices have seen positive changes. In the World Economic Forum's Global Competitiveness Index, Indonesia's rank in the Quality of Roads category improved from 72 in 2014 to 60 in 2019, out of 141 countries. Similarly, in the World Bank's Logistic Performance Index, Indonesia climbed from 53 in 2014 to 46 out of 161 countries in its 2018 report.

While the COVID-19 pandemic had a significant impact on the construction industry in 2020, the sector has since rebounded and is poised for continuous growth. Various consultancy firms project annual growth rates ranging from 5% to 7% in real terms. This growth is attributed to the government's effective COVID-19 mitigation measures and the ongoing infrastructure projects.

One of the major upcoming projects is the relocation of Indonesia's capital city from Jakarta to East Kalimantan, estimated to cost $33 billion and take a decade to complete. To fund this ambitious project and others, the Indonesian government launched the Indonesia Investment Authority (INA), a Sovereign Wealth Fund. The government plans to inject over $5 billion into INA, with several countries expressing interest in investing through it, including the US, Japan, and Canada.

On this day, July 28, in 1927, Philadelphia gathered for the groundbreaking of Broad Street Suburban Station in Center City. Fortunately for us, the attendees included local photographer William Nicholson Jennings (1860-1946), who captured these images of the ceremony.

Broad Street Suburban Station was an art deco office building and underground commuter rail station built by the Pennsylvania Railroad at what is now 16th Street and JFK Boulevard. Constructed to replace its original Broad Street Station, it opened on September 28, 1930, and served as the headquarters of the Pennsylvania Railroad until 1957. It is currently operated by the Southeastern Pennsylvania Transportation Authority (SEPTA). Local commuters know it today as Suburban Station.

Ontario Premier Doug Ford says the province is putting $1.6 billion more toward funds for municipalities to help them get housing built. Ford told the Association of Municipalities of Ontario conference Monday in Ottawa that the government has already put $2.3 billion toward its Municipal Housing Infrastructure Program, which goes toward housing-enabling infrastructure. Municipalities apply through four streams, including one for building roads and bridges, and another for building water and wastewater systems.

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